Schulz, a conditional member of the Champions Tour, logged his first professional victory in 19 years thanks to a birdie at the 17th hole that allowed him to finish at 14-under 202.
That was one shot better than Tom Pernice Jr., who carded a 5-under 67 to finish at 13-under 203.
Tom Kite (69) and Mark Calcavecchi (69) finished knotted for third one shot further back at minus-12.
Fred Couples grabbed sole possession of fifth place at minus-11 after registering a 4-under 68.
Schulz last tasted victory in the 1991 Los Angeles Open on the PGA Tour. He was making just his 12th start on the Champions Tour.
Biologists detail four new deep-sea 'killer sponges'
Pregnant Mila Kunis wins 'Best Villain' at MTV Movie Awards